Former employees of the crypto exchange, FTX, have been contacted by the U.S. federal authorities

Former employees of the crypto exchange, FTX, have been contacted by the U.S. federal authorities as part of an ongoing investigation into the company.

Two former employees of FTX have reported that they were approached by federal authorities as part of what is likely a broader attempt to acquire knowledge about the defunct exchange and hedge fund.

The contact is still in the process of requesting records or other information from the employees, rather than relying on court-issued subpoenas. The employees have not specified what information they are being asked to provide.

All four of the Justice Department, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and state regulators have taken part in the outreach activities, which are connected to an extensive federal probe into the companies.

John Ray III, FTX’s new CEO, is collaborating with law enforcement and authorities, as attested to by the company’s bankruptcy lawyers.

Prosecutors reportedly had an investigation into the company prior to its public collapse, and in bankruptcy court proceedings, Ray lamented the lack of extensive record-keeping at the company; this was a red flag for the prosecutors.

Bankman-Fried has been invited by the House Financial Services Committee to give testimony at a hearing on the downfall of FTX next week.

He has thus far refused, saying he will show up after he has “finished studying and examining what happened” at his own firms.

A subpoena to compel his appearance is being thought over by the committee, but it is unlikely to be put into action due to the difficult nature of enforcing it.